Banks split over Wharf sale

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The Independent Online
Banks split over Wharf sale

Canary Wharf's 11 bank owners are split over whether to sell up now or wait, with the North American banks wanting to "get out sooner rather than later", according to City sources. The banks, which bought the London Docklands development after it failed three years ago, rejected four bids when they met yesterday.

Lloyds, which leads the group, said: "We are in no hurry." But Citibank, CIBC and Royal Bank of Canada are understood to be keen to sell. The banks are worried that a future Labour government might interfere with hundreds of millions accumulated in tax credits. The Reichmann brothers - the original developers of Canary Wharf - are advising a group led by the Pritzer family of Chicago on one of the rejected bids.

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